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Office of Management and Enterprise Services (OMES) - Income Tax Collections Rise Sharply in August in Oklahoma
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011%20-08%20Income_Tax_Collections_Rise_Sharply_in_August_in_Oklahoma.html[9/21/2012 10:02:58 AM]
Office of Management and
Enterprise Services (OMES)
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Home / News / Income Tax Collections Rise Sharply in August in Oklahoma
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Sept. 12, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
Income Tax Collections Rise Sharply in August in Oklahoma;
General Revenue Fund Growth Rate Returns to Double Digits
OKLAHOMA CITY — Individual income tax collections to the state's General Revenue Fund rose sharply in August as total
receipts returned to a double-digit growth rate, Office of State Finance Director Preston Doerflinger announced Monday.
"Oklahoma's economy remains a bright spot against a backdrop of economic uncertainty nationally and internationally," said
Doerflinger, secretary of finance. "This month's report is certainly good news after state revenue growth moderated somewhat
in July."
Total revenue collections to the General Revenue Fund outpaced last year's total for August by more than 18 percent and beat
the estimate upon which the current state budget is based by more than 11 percent.
All major tax sources - income, sales, gross production and motor vehicle - surpassed last year's collection rate, with income
and motor vehicle taxes showing the biggest gains.
Receipts from the individual income tax soared by 38.9 percent in August over the same month last year, despite a rise in the
seasonally adjusted state unemployment rate in July to 5.5 percent, from 5.4 percent in June.
"We're still standing strong in unemployment, compared to a national jobless rate of 9.1 percent," Doerflinger said. "In fact,
our unemployment rate is lower than any surrounding state, with Arkansas, Colorado, Missouri and Texas recording jobless
rates that exceeded 8 percent in the latest report from the U.S. Bureau of Labor Statistics. All this tells me we must be doing
something right in Oklahoma.
"You never want to make too much out of one month's revenue figures in a single area, especially income taxes," Doerflinger
emphasized. "In this instance, part of the big jump in income taxes is tied to having a longer month for daily collections
compared to August of 2010.
"But taking that into consideration, the scope of the increase and data from the Oklahoma Employment Security Commission
persuades me to believe Oklahoma is adding good-paying jobs to our workforce in such areas as energy and manufacturing."
Gov. Mary Fallin welcomed the news of the August GRF collections. "Despite the challenging national environment, Oklahoma's
economy continues to be growing at a steady pace," the governor said. "Our pro-growth, pro-jobs policies are paying off. This
month's revenue report is one more indication that our state is on the right track."
The latest Baker Hughes report showed the rotary rig count in the Oklahoma oil and natural gas fields increased by eight from
the previous week to 203, which is a net gain of 65 rigs from the same period in 2010.
"As has been the case historically, the Oklahoma economy thrives when there is increased activity in the oil patch, leading to
higher General Revenue Fund receipts," Doerflinger said.
He added: "This is a bonus as we strive to broaden our economy. It's worth noting that Oklahoma has added thousands of
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Office of Management and Enterprise Services (OMES) - Income Tax Collections Rise Sharply in August in Oklahoma
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011%20-08%20Income_Tax_Collections_Rise_Sharply_in_August_in_Oklahoma.html[9/21/2012 10:02:58 AM]
Office of Management and
Enterprise Services (OMES)
Share | Print | Print
Home / News / Income Tax Collections Rise Sharply in August in Oklahoma
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Sept. 12, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
Income Tax Collections Rise Sharply in August in Oklahoma;
General Revenue Fund Growth Rate Returns to Double Digits
OKLAHOMA CITY — Individual income tax collections to the state's General Revenue Fund rose sharply in August as total
receipts returned to a double-digit growth rate, Office of State Finance Director Preston Doerflinger announced Monday.
"Oklahoma's economy remains a bright spot against a backdrop of economic uncertainty nationally and internationally," said
Doerflinger, secretary of finance. "This month's report is certainly good news after state revenue growth moderated somewhat
in July."
Total revenue collections to the General Revenue Fund outpaced last year's total for August by more than 18 percent and beat
the estimate upon which the current state budget is based by more than 11 percent.
All major tax sources - income, sales, gross production and motor vehicle - surpassed last year's collection rate, with income
and motor vehicle taxes showing the biggest gains.
Receipts from the individual income tax soared by 38.9 percent in August over the same month last year, despite a rise in the
seasonally adjusted state unemployment rate in July to 5.5 percent, from 5.4 percent in June.
"We're still standing strong in unemployment, compared to a national jobless rate of 9.1 percent," Doerflinger said. "In fact,
our unemployment rate is lower than any surrounding state, with Arkansas, Colorado, Missouri and Texas recording jobless
rates that exceeded 8 percent in the latest report from the U.S. Bureau of Labor Statistics. All this tells me we must be doing
something right in Oklahoma.
"You never want to make too much out of one month's revenue figures in a single area, especially income taxes," Doerflinger
emphasized. "In this instance, part of the big jump in income taxes is tied to having a longer month for daily collections
compared to August of 2010.
"But taking that into consideration, the scope of the increase and data from the Oklahoma Employment Security Commission
persuades me to believe Oklahoma is adding good-paying jobs to our workforce in such areas as energy and manufacturing."
Gov. Mary Fallin welcomed the news of the August GRF collections. "Despite the challenging national environment, Oklahoma's
economy continues to be growing at a steady pace," the governor said. "Our pro-growth, pro-jobs policies are paying off. This
month's revenue report is one more indication that our state is on the right track."
The latest Baker Hughes report showed the rotary rig count in the Oklahoma oil and natural gas fields increased by eight from
the previous week to 203, which is a net gain of 65 rigs from the same period in 2010.
"As has been the case historically, the Oklahoma economy thrives when there is increased activity in the oil patch, leading to
higher General Revenue Fund receipts," Doerflinger said.
He added: "This is a bonus as we strive to broaden our economy. It's worth noting that Oklahoma has added thousands of
FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds
CIO Comptroller &
Budget
Employees &
Benefits
Central Purchasing Capital Assets
Management
Forms